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Grievance Redressal & RBI Integrated Ombudsman Scheme 2021
What is the RBI Integrated Ombudsman Scheme (IOS) and when was it launched?
The RBI Integrated Ombudsman Scheme 2021 is a unified grievance redressal mechanism that merges three earlier ombudsman schemes (Banking, NBFC, and Digital Transactions) into one, launched on November 12, 2021.
What is the minimum amount of compensation that can be awarded for harassment or mental agony under IOS 2021?
Up to Rs. 1 lakh for harassment or mental agony.
What is the principle of 'One Nation One Ombudsman' as used in the IOS 2021?
It means that a single, centralized ombudsman framework covers all regulated entities under RBI, eliminating jurisdictional confusion and providing customers one unified platform for complaints regardless of the type of financial entity.
Within how many days must a bank acknowledge receipt of a complaint under RBI guidelines?
Bank must acknowledge complaint within 3 working days.
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